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Title: US Corporate Tax System
Author: IntroBooks
Narrator: Andrea Giordani
Format: Unabridged
Length: 47 mins
Language: English
Release date: 08-11-17
Publisher: IntroBooks
Genres: Nonfiction, Economics
Summary:
The corporate tax is essentially a flat rate tax; it is currently 46%. The rate was reduced from 52% to 48% by the 1964 tax cut, raised temporarily by 10% during the Vietnam War but was also reduced in 1978 by the tax act to the current level. The tax base for a nonfinancial corporation investing in fixed assets is derived by subtracting from gross sales the costs of input increases or when tax credits are allowed against calculated tax liabilities. Through various legislation, there have been increases in levels of depreciation allowances and credits at any given level of income.
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